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of authorizing more spending. the issue here is whether or not america pays its bills. raising the debt ceiling does not authorize us to spend more. because this is about paying your bills. >> i do hope speaker boehner was listening. joining us in the studio is jonathan capehart from "the washington post" and in los angeles democratic strategist and nyu professor bob shrum. welcome to you both. professor shrum, we reached the debt ceiling two weeks ago today. the treasury department is giving us a few weeks of maneuvering room before we begin to default. and yet you have people like the heritage foundation saying today, default is not at issue. how many conservatives truly believe their tactics pose no risk whatsoever to the economy, particularly given what happened the last time they took the debt ceiling hostage? >> look, what heritage put out today is drivel. a transparent attempt -- >> drivel, this is the considered view of an important organization. >> yeah, whose president is jim demint. i don't take it all that seriously. >> okay. >> what they're saying is, well, the government could pay
. this morning i attended a briefing by the bipartisan policy on the debt ceiling. they did amazing work on this issue and really got into the weeds on it more than anyone i have seen before. they looked at how many checks the government sends out a month. how the payment software works, and i want to tell you, and maybe congressman salmon five of the things they had. because after you hear this you wouldn't want to bust for the debt ceiling, they project right now that the debt ceiling doomsday, really the final day for it would happen sometime between february 15th, and march one. either congress figures out the debt ceiling before then or things get very bad, real quick. first it means the federal government will have to default on 40% of our obligations, 40% of what we do will be gone. let's say they make decisions on medicaid, medicare, defense, food stamps, kind of just the bare services there. doing all that will mean defaulting on everything, and really i mean everything else. the fbi will shut down, people responsible for tracking down loose nuclear weapons, the court system clo
authority to issue platinum coins so long as that bill also does away with the debt ceiling. that seems fair, you get rid of one dumb thing and get rid of another. so i should probably now give you my strong, stirring, totally difinitive conclusion, but i'm kind of torn. if obama proposes to mint the coin, then the issue will immediately cease to be the republican's dangerous and irresponsible and really historically unprecedented threats to breach the debt ceiling. and it will instead become obama's threat to mint a trillion dollar coin which will strike many as not a
environment. there are still plenty of people who think the debt ceiling issues could be a debacle. february 15th, a little earlier than expected, a lot of people floating ideas that moody's might downgrade the u.s. debt sometime this quarter, if there's no grand bargain that ever appears, and that looks increasingly unlikely. i'm in the camp that the risk is to the down side on the stock market right now. earnings today, as you just mentioned here, look, the question has been whether or not putry was the trough in earnings that things would get better from here. it's going to be modest improvement. q4 isn't looking that great. we're only looking at roughly 3% improvement in earnings. that's not great. top line growth has been nonexistent throughout last year. q3 top line growth was zero. zero. we haven't seen that in a long time. you want to know how weird that is? the ten-year eenaverage is 7%. maybe it will be 3%. that's the hope. it's coming down as we're going in. so we may be at a trough in the third quarter, but the fourth quarter certainly isn't going to be gangbusters right now here
with the debt ceiling and bigger issues looming. >> what do you think of jack lew? he's to replace tim geithner. seems that we're on the verge of a different kind of philosophy now. >> yeah. i think what's interesting is barack obama is getting to people who are closer to him. jack lew used to be chief of staff. obama's like, look, my first term i was getting all the people to make america happy. now i'm getting people to do what i want them to do. a lot of people didn't like how fiter in did the job so obama is putting his own thumb on this one. >> people said he's too much like the president or backing his policies. i thought isn't that why you pick people for your cabinet? >> exactly. that's what barack obama wants to do. he is now safe. he doesn't have to worry about running ever again. so he's like, look, i'm going to put my stamp on america whether you like it or not. >> a lot has been said about this, that in many ways the new cabinet, the high posts are older white men, not reflective of american society. there have been a number of women that have clearly -- >> yeah. >> secretary of st
get the u.s. government past the immediate stumbling block of the failure to raise the debt ceiling. that's a legal matter. as a political matter, i think it's basically a nonstarter because it seems comical and it seems ridiculous. >> bruce, you suggest an alternate strategy which is one bill clinton has talked about and colombia law professors do. which is the president should essentially say, i have the implicit authority to raise the debt ceiling without congress, correct? >> that's right. of course, i'm not a legal scholar, but i do oppose the existence of the debt limit. i even testified before the senate finance committee that we should get rid of it. i think it's a dreadful left over from ancient history that simply creates opportunities for hostage taking by congress, such as the one we're facing right now and our foreign policy, we don't negotiate with hostage takers for a very good reason and i think that we need to get rid of this debt limit. but i'm perfectly willing to go along with the trillion dollar coin, if that's what's necessary to prevent this hostage from being
proposal but if the debt ceiling doesn't get raised temporarily, it is better off if the government issues ious essentially. >> yeah. it is essentially what we would be doing. i mean -- you know, you call it whatever you want. it is essentially the trillion dollar coin would be an accounting fix. it would be -- temporary transfer of money from treasury to the federal reserve. we would pay our bills on time until the debt ceiling gets raised. then coin would go back to treasury and get melted down and would actually be no new money in the system. in the abstract stuff like this makes sense. as a way to get past the debt ceiling. in terms of how we actually govern ourselves and future and reaction in the markets, it is just not a viable solution. the only solution is for congress to raise the debt ceiling and pay for stuff that already said it would pay for. >> more importantly, who will be on the -- on the coin? that's what we -- >> i think tony should be. >> someone suggested maybe make it $1000 billion coins. whoever racked up the 10 highest debts of any president or something like that.
, to the table when we have these other big issues like the debt ceiling to get him to talk about it. i wish he'd lead." >> reporter: i'm elizabeth corridan, reporting. >> we started with showers but now, clear. as we go for it the night tonight it transition's over to clear conditions. transitioning again to cloudy conditions tonight. we have a weather system that is moving into the bay area. the rainfall will stay well to the north. clouds in the morning and sunshine for the afternoon we have some pretty nice systems. sunshine and warmer temperatures with low mid- 60s. here is the satellite. there is the storm from this morning. south-east. clear skies with this next system but the bulk of the rainfall is going to stay to the pacific northwest. showers near eureka here we are at midnight tonight with clear skies and the system is the rain and the clouds as we go for tomorrow look for the clouds to increase with mostly cloudy skies. as this weather system departs we will see clearing for the afternoon with temperatures in the 60s in some spots. 30's in the north bay. mid 30's for the east bay.
, to consider some sort of executive action on this debt ceiling issue. i know you've said you're not negotiating and your administration has ruled out the various ideas that were out there, the 14th amendment, but just this morning one of the house members asked you to use the 14th amendment and said sometimes that's what it takes. he brought up the proclamation and he compared the debt ceiling to that. so are you considering a plan b? and if not, why not? >> well, chuck, the issue here is whether or not america pays its bills. we are not a deadbeat nation. and so there is a very simple solution to this. congress authorizes us to pay our bills. now, if the house and the senate want to give me the authority so that they don't have to take these tough votes, if they want to put the responsibility on me to raise the debt ceiling, i'm happy to take it. mitch mcconnell, the republican leader in the senate, had a proposal like that last year, and i'm happy to accept it. but if they want to keep this responsibility, then they need to go ahead and get it done. and there are no magic t
have this fight over the debt ceiling, but it is about bigger issues. the debt ceiling has nothing to do with immigration reform, nothing to do with the proposals on gun control, nothing to do with anything else the president might want to do in his second term, but guess what, it does affect the climate in washington. and the fact that he does not have a more trusting, even a private back channel relationship with the key republican leaders is one of the -- one of the reasons and they had responsibility too, i'm not putting it all on the president it a washington crisis if you will, a trust deficit. it is one of the reasons -- >> mitch mcconnell talking. >> so you have to have the vice president go to the senate republican leader, two guys -- they're not best of friends. trust me. i know them both. they're not best of friends. they do trust each other. mitch mcconnell knows if joe biden gives him his word, it is good. we need more of that in washington, not less. >> let me ask you, since i have you, something else the president mentioned, asked, of course, about gun violence in th
about the debt ceiling and one issue we've not talked about on this show yet is what i think is a crazy idea, but i think you know where i'm going with this about this platinum coin that everybody is talk about. about whether the treasuries get over the debt ceiling, can actually mint a platinum coin worth $1 trillion and call it a day. but i feel like it's getting transaction in weird places. >> well, among politicians, so there's your point. look, here is a couple problems i have with it. one is that the fed is not allowed to buy platinum. so how does the money get created? the government can print whatever it wants on any coin it wants. it's a clever idea. gold coins work and the amount of gold is more than ta face value so you never sell it at face value. so you would have to have a coin that would be worth more than $1 trillion after you melt et down and -- >> but would that convince anybody that we have any situation on what's going on and we've managed it? >> absolutely not. and the person who came up with this idea would be the first to say that. >> who came up with it? >> i don
as the bigger issue around the debt ceiling. and then we need to get to the longer-term issues in terms of where america is going, and that starts with tax reform as well as immigration issues and infrastructure issues. >> i hear the same message from business people across the country. we need more certainty from washington if we're going to kick start growth in this economy. is washington helping or hindering in a bid to bring unemployment down in the country? >> being the optimist that i am, i say washington is attempting to help. what was passed at the end of the calendar year was a good first start. but there's a lot more that needs to be done. they are helping. if we can get past some of the partisanship and get into citizenship, we can move along a lot more quickly. businesses are frustrated. >> what are the bigger things you mentioned, the things america needs to do to stay competitive in this challenging economic environment domestically and globally? >> absolutely. first, you've got to get through the fiscal issues. balance in the deficit and budgets, number one. and then we need to ge
rougher. >> jerry, what about all these issues in washington, the debt ceiling fight on the horizon. is this going to impact the broad economy and the earnings season, do you think? >> i guess this whole political thing is -- these are all the bricks in the wall of worry that equity markets are continuing to climb. i think there's -- you know, we know how to talk about these things, they're out there, they're visible, they're in the media a lot. you know, we follow them i think sometimes like a sport. and so maybe we exaggerate a little bit how much the -- these political match nations -- i don't know i don't want to minimize them, but i think sometimes we miss the point there are really good companies out there who figured out how to make really good money with all this political noise going on. >> and yet, greg, so many potholes ahead. you know we're going to see a lot of back and forth over raising the debt ceiling. sequestration is still on the horizon now. less than two months away. the continuing resolution. i want you to take a listen to the president's spokesperson this week
it is done, the feeling is that it is kind of kicked down a road, whether it is the debt ceiling issue in the summer of 2011 or now the fiscal clift a crisis of last month, government shutdowns. we are seeing more and more partisan entrenchment, and therefore, last-minute deals that do not seem to solve problems. that is a frustration that everybody shares. in the sense that we are dancing very close to the edge of allowing drastic about things to happen because of that. there's a frustration that spans all generations. host: to find out more about the survey from the pure research center, they have it on line. we have included a link to it. thanks for your time. this has just been posted on the "washington post" politics page about senator jay rockefeller. a story saying that the senator will not seek a sixth term in 2014. a press conference is being scheduled. stay close to c-span for more information on that concerning senator jay rockefeller and his political future. do not forget, later on this afternoon about 1:15 p.m., a joint press conference between president obama and preside
over the debt ceiling at all. it wasn't a big issue. i was covering politics for nbc at the time. the debt ceiling increase was seen as a procedure and a very partisan vote then but not something you were reporting on for weeks and months like we have in 2011 then and now on the debt ceiling debate and, of course, what happened in 2011 was a loss to the nation's credit rating. there's big differences between 2006 and now. >> and also, to factor in with the differences you pointed out is how much the president has offered in negotiations. as far as cutting spending, not as if it's been a zero sum game from the white house regarding the nation's spending problem and an acknowledgment of that. >> one of the messages president obama is trying to get across today how much is cut in spending, whether it was in that 2011 debt ceiling agreement in the budget control act, whether it was also the revenue that was increased with the end of the fiscal cliff talks that we had right at the beginning of the new year, tamron. so, president obama said, look, we have really cut a lot of spending.
that this would be the big fight. that the fiscal cliff would not be the real issue. the debt ceiling would be. you see this as taking us close to the brink, again. could it take us over the brink? >> potentially. keep in mind that we have two other -- in addition to the debt limit. we have, in effect, two other fiscal cliffs approaching. one is the appropriations bills for 2013, which have not yet been finished and we'll have a government shut down unless they have, unless those bills are enacted and the second is the $1.2 trillion sequester, which triggered the fiscal cliff, but was only delayed by two months and that runs out, as well. so, we have the debt limit, the sequester and the appropriations all essentially coming due at more or less the same date. some time next month. my assumption is, i guess everybody else's is, these are somehow whether they're rolled into together into one massive punt the ball down the road bill. >> jeff, if any of this does end up in the supreme court, you know, let's say the administration does some kind of legal maneuver, what's the history of this? when t
ceiling, its borrowing limit. today, senate minority leader mitch mcconnell insisted the tax issue is resolved but demanded spending cuts. >> i wish the president would lead us in this discussion rather than putting himself in a position of having to be dragged kicking and screaming to the table to discuss the single biggest issue confronting our future. >> reporter: also tonight, an administration official tells nbc news that the president is likely to name his selection for cia director tomorrow, the person who would replace david petraeus. the two men who are being considered as top candidates right now are the homeland security and counterterrorism adviser to the president, john brennan, and on the left of your screen you see the acting cia head, mike morrall. lester? >> thank you. >>> in addition to the battles over the debt ceiling and cabinet nominations, the president has a lot more on his plate in the coming weeks, including a fight over guns after the tragedy in newtown. and there's word tonight about what the obama administration is planning to do. we get our report from
blasted this idea and doesn't seem realistic especially as you said there's issues and not only debt ceiling, sequester and government funtding so if the president wants a deal on any of those, making a new coin to raise the debt ceiling probably wouldn't bode well for the totality of those negotiations. >> i would say minting a coin, it definitely is sort of gimmicky or silly and so is using the debt ceiling as a hostage taking technique so glad that they haven't totally ruled that out yet and use it maybe as leverage in this upcoming fight. jake, thanks so much for joining us. >> thanks, guys. >>> up next, the white house calling in the big guns to get on its message on gun control. a busy thursday at 1600 pennsylvania avenue and we have it covers here. [ female announcer ] research suggests cell health plays a key role throughout our lives. one a day women's 50+ is a complete multivitamin designed for women's health concerns as we age. it has 7 antioxidants to support cell health. one a day 50+. humans. even when we cross our t's and dot our i's, we still run into problems. namely
] this came up last year and you said the president had the power to ignore the debt ceiling. i'm wondering given the president's insistence he would not negotiate over the debt ceiling this time around, is the white house considering revising that issue [inaudible] >> our position on the 14th amendment has not changed. let's be clear. congress has the responsibility and the authority to raise the debt ceiling. congress must do its job. it is important as we approach the deadline that people understand we're talking about. sometimes the language of the use in the phrases we use make this a lot more mysterious for average folks out there that needs to be. raising the debt ceiling is authorizing congress to pay the bills it has racked up. this is not about future spending. this is about you going to the store and charging some goods on your credit card. you pay the bill. the byner states has always paid its bills. congress has the responsibility and authority to do that. the president will not negotiate over it. let me go to reuters. jack lew was [inaudible] he worked for a group [inaudible]
.s. was growing faster. we were in safe port in the storm. as you discussed a moment ago with the debt ceiling looming and other issues it is not clear that premium is justified today and there may be better opportunities overseas. tracy: what does that mean then? we're talking about emerging middle class in emerging countries and does that mean consumer staples used in those countries are really good plays for people right now? >> actually i think that's been a good play for the last few years but what i would advocate own the emerging markets directly. one thing people have done since 2010, you owned staples, you owned companies in the u.s. who sold to those consumers the problem now many of those companies, particularly in the staples sector have gotten quite expensive. tracy: that's true. >> on the other hand emerging market stocks are rather cheap trading at 20 to 25% discount to developed markets. that is where i see one of the better opportunities for 2013. ashley: russ, what about fixed income? you believe the bull market in treasurys is over. where should that money go? >> you know, w
to increase the debt ceiling are real but so too are the consequences of allowing our spending problem to go unresolved. the spending and debt issues took most of the president's attention today, but he also turned to the issue of gun violence. after the shootings at an elementary school in newtown connecticut, he appointed vice president biden to come up with recommendations for action. the vice president met with lawmakers today and with groups on both sides of the issue last week. plans to submit proposals by tomorrow. president obama would not discuss specifics today. instead he said this. >> i'm confident that there are some steps that we can take that don't require legislation and that are within my authority as president. and where you get a step that has the opportunity to reduce the possibility of gun violence, then i want to go ahead and take it. >> brown: he conceded that a fight in congress is likely but he hopes that some compromise is is possible. >> the issue here is not whether or not we believe in the second amendment. the issue is are there some sensible steps that we can t
cuts should be a different issue. >> if you raise the debt ceiling by a dollar, cut spending by a dollar. that is the way to go forward and we need a budget. our democratic friends haven't passed a budget in three years. >> the debt ceiling is about spending that has already occurred. you are going to say i'm not going to pay my bills unless you stop being stuff? well, then stop buying stuff so you don't have future bills but right now we have to pay the bills that have been incurred. >> shepard: the president said on saturday that he will not compromise over raising the debt ceiling. won't even put that on the table. shannon bream with the news live in washington this afternoon. how you is this strategy work out for republicans, shannon? >> shannon: the president says if they refuse everyone from business owners to average americans will suffer but republicans are calling his bluff saying the debt ceiling gives them leverage that will force democrats to get serious about spending cuts and entitlement reform. here is house republican jim jordan. >> let's do it for a change in
debates and votes you're talking have to do with fiscal issues taking place, whether it's debt ceiling, whether it's government spending and things like that. are you willing to see cuts in government spending? are you willing to see reforms in medicare and social security that deal with parts of this debt problem the country has? >> well, i'll tell you. i've always been an advocate for responsible spending. i think government needs to be delivering services for people in a cost effective way. and now we have not only an opportunity, but an obligation to do that. find ways to spend smarter. that's what i stood for in the state legislature, drill down into budgets, find ways to more effectively deliver for people. so that is absolutely what i'm committed to doing. you know, in my position, in addition to working on the task force on gun violence in the house, i'm also on transportation and infrastructure. and science. and those are two great persons to look for how we lay the foundation for economic growth, for jobs in our communities. and that is going to have to be key part of this ba
on this issue. >> as you well know, sir, finding votes for the debt ceiling can sometimes be complicated, you yourself as a member of the senate voted against the debt ceiling increase, and in previous aspects of american history, president reagan in 1985, president george herbert walker bush, and president clinton, deals contingent upon raising the debt ceiling and you yourself, related to debt or budget related maneuvers. and what many people are curious about the new adamant desire on your part not to negotiate that seems to conflict with the entire hire in the modern era of the presidents and the debt ceiling and your own debt ceiling and doesn't it suggest we're going into a default situation because no one is talking to each other about this. >> no, major, i think if you look at the history. getting votes for the debt ceiling is difficult and votes in in town are difficult. i went through this last year. what is different we never saw a situation like we saw last year in which certain groups in congress took such an absolutist position that we came within a few days of defaulting. >> lo
to crisis. first the fiscal cliff, the debt ceiling, the sequester coming up and no long-term planning on issues that really affect the american public. >> jamie: julie, that's not my question. with all due respect. i understand that you feel the republicans are standing in the way of what the president wants on some things, but what specifically is his jobs plan? you must know. >> of course, i can tell you the jobs plan he introduced last year and happy to introduce it tomorrow if the republicans said they'd vote on. infrastructure investment and in our states, hire more firemen police and teachers, give tax breaks to companies in order to encourage them to hiring. and tax breaks to americans, to american companies to bring jobs. >> jamie: you're not-- julie, what you're not mentioning is-- >> angela, some of those things sound like they might be helpful. >> yeah, some of those things could be helpful, but the president did have a jobs plan that before the senate and some democrats voted it down. the bottom line, is this, julie, the president has a bully pulpit and doesn't want to tal
of the fiscal cliff. because the default, if nothing happens, is that the debt ceiling is not raised. what that means it doesn't mean, as some who would demagogue this issue suggest, i doesn't mean a default on our debt. whatnot raising the debt ceiling would mean is a partial government shutdown. roughly 40 cents of every dollar the federal government spends is borrowed. if you don't raise the debt ceiling, that 40 cents is temporarily stopped. now we did that in 1995. we didn't default on our debt. >> woodruff: right. the result was balanced budgets and some of the greatest fiscal responsibility was seen we've seen in modern times from congress because fiscal conservatives stood together and said we need to be responsible. >> woodruff: let me ask you about a couple of other issues. that is guns. you're a long-time proponent of gun rights. you're the father of two young girls ages 4 and 2. after those terrible shootings at that h elementary school in connecticut, have you changed your views at all on how available guns should be especially the high-capacity rifles? >> i think every parent
like the debt ceiling. >> i think he can be. i think the reason they never brought up a budget is because the democrats would have had to -- defend openly in public debate an unsupportable, indefensible plan that their president was promoting. and they would have had to follow it or reject it. and of course, when lew's budget was brought before the senate and the house, if you remember, greta, it got zero votes -- not a republican or a committee in the -- or a democrat in the house or the senate voted for a bill that mr. lew was the architect of. i don't think that speaks well for a man who would take on the position of treasury secretary. >> greta: president obama says he facilitates deal, citing president reagan and speaker o'neill on social security and president clinton and a republican congress on the issue of a budget deal. i am curious whether you agree that he has brought the two sides together. if so, where has that been in the last go-round, the last 18 months? >> the last fiscal cliff deal, he -- his chief of staff at the white house, he was involved in the negotiati
cuts. this nomination hearing is going to be the floor about that particular issue just like the debt ceiling. >> well, i think it can be and i think the reason they never brought up a budget is because the democrats would have had to defend openly in public debate an unsupportable, indefensible plan that their president was promoting and they would have to follow it or reject it. and of course, when lew's budget was brought before the senate and the house, if you remember, greta, it got zero votes. not a republican or democrat in the house or senate voted for the budget that mr. lew was the architect of. i don't think that speaks well for a man who would take on the great position of treasury secretary. >> greta: president obama said that he had facilitated deals. he says that he has worked with republicans and democrats and president reagan and speaker o'neill and bill clinton and republican congress on the issue of a budget deal. i'm curious whether you agree he has brought two sides together and if so, where has that been at least in the last go-round, at least the last 18 months?
about the confirmation hearing issues and then the fiscal, the debt ceiling which is fast approaching as well. >> definitely that dance card is getting filled up pretty quickly so early in the year and he hasn't even been inaugurated. also in that article, senator marco rubio preparing his own version of the d.r.e.a.m. act. he discussed how republicans could face some pushback from latinos because of their stance on immigration reform. he said this, quote. we are going to have a struggle speaking to a whole segment of the population about our principles of limited government and free enterprise if they think we don't want them here, alluding to those who might benefit from the d.r.e.a.m. act. so republicans have their own pr campaign to conduct with latinos on immigration reform, but how is the president going to combat republicans who want to see a more piece meal approach as we move forward here? >> reporter: i think we've seen the way the president has handled other recent challenges from his republican opposition when you consider just the fiscal cliff hanger as it were with campa
is going to happen on the debt ceiling side because the whole debate around it is more damaging than resolving the whole thing, right? >> right. >> it's almost like any solution is better than continuing to have a debate and moving it out every two months. >> right. >> and then having 24 hours, seven days a week the news media filled with it. this will kill everybody's economics. >> pleasure having you shown the show. back with our guests now. gentlemen, what about that? we have now heard from alcoa. what kind of expectations do you have, mark newton, in terms of earnings for the fourth quarter, and does this tell us anything about what to expect from the s&p 5 hundred in terms of fourth-quarter numbers? >> well, i think they can be bit are a subdued and people have been taking down earnings estimates for quite some time and a lot of companies have begun to prepare for this, for obama care and this and that in the fourth quarter. the bottom line is it technically the market still acts quite well. we've seen -- four of the ten sectors needed some highs so the last couple of days of co
debt i probably wouldn't want to talk about the issue either. let's look at the facts. since the debt ceiling agreement passed 16 months ago the day after it passed we got a downgrade from s&p. a week after the market dropped 1300 points. the supercommittee which chris and so many members voted for fell apart like we all thought it would and the only scheduled cuts that were supposed to take place we just suspended them five days ago in the fiscal cliff deal. we have yet to cut one dime from the last debt ceiling agreement and now here it is time to do it again. we got to stop the madness. this is the 18-year-old kid on the credit card and they maxed out the credit card. instead of cutting it up and putting them on a budget barack obama says give us a new credit card and by the way, harry reid you don't have to pass a budget in three years. this is crazy. >> would you support this year letting the debt ceiling deadline last? >> what i won't support is not dealing with the problem. americans sent us here to deal with the problem. the way this town works this fiscal cliff deal the only
congress. bear in mind, it's going to be a fight to raise the debt ceiling and keep the government running in washington at this point. so think about how much harder it's going to be to get an assault weapons ban through. this is an intractable issue in washington over the past few years, and not just an issue that falls along party lines. republicans have not wanted to push on this, and except for a few liberal voices, progressives on the left. democrats not wanted to go anywhere near this issue either. president obama says even if politics are tough, he plans to push forward on the issues on this point. >> amie, i want to ask you about the debt ceiling. democrats are saying bypass the house entirely. something about invoking the 14th amendment. how would that work? >> the white house press secretary jay carney said a couple of times that the president would not do that, but you saw senate democrats yesterday, specifically a strong worded letter from harry reid saying you have to do this. we have to figure out a way, can't get caught up in this. that's one option, the other option is the
it comes to the debt ceiling, well, i'm putting in the guy you didn't want to negotiate with. >> exactly, and that goes to the op-ed by moore on monday that the president doesn't believe there's a spending issue at all and this hand-picked selection probably has similar views. >> oh, boy. already. put your seat belts on and get ready for a rough ride again. thanks, guys. we'll keep digesting this and watching the news. scotty? >> let's check in with seema modi to find out what's moving at the nasdaq today. >> have to start with facebook. shares continue to stage a strong comeback, stocks hitting 30 bucks a share, first time since july of 2012. a lot of anticipation about what facebook will announce at its mystery press event next tuesday. traders seem to be buying into the stock ahead of that event. another space that we'll continue to watch, biotech. a lot of bullish commentary out of that jpmorgan health care conference. that's helping the nasdaq biotech index outperform the nasdaq composite. some of today's winners including regeneron and celgene and there's one name not joining in on
towards sequestering, the issue coming up, seven weeks from now, the debt ceiling debate creeping up, that's fairly soon. we -- the horizon is short now for investors. should they make moves now to prepare for this fight to have in washington? >> i think, yet again, it's another situation of political theater that will be played out in the media. i think the media's taking advantage of it by our politicians in washington, but the end result will be one that should allow long term investors to be buying when there's that kind of panic. it's a value play. they played out over and over again, some of the best investors in the world. we tell you that's the way to invest whether it's warren buffet or peter lynch back in the day, by what you know and buy when it gets cheaper. those are the opportunities that come along and when you should be taking advantage. cheryl: keep emotion out it. i'm just reporting the news here, been, come on now. to the cme, and, kevin, any levels you're watching now? any specific numbers to pay attention to? >> well, i think when you look at the treasury market and sp
when we hit the debt ceiling right. >> the debt ceiling coming up. debt ceiling in fiscal cliff has now become 2013 issues. but us talk about another winner. this of facebook shares rally above $30 a share. we are on our way up it is a winner for facebook. >> the ipo had people screaming like a scalded champ. it is up 10% this year so it's a matter of when did you buy it. after announcing a mystery press conference for tuesday next tuesday the 15th. i looked at their peak about 160. that is pretty expensive. they got something. they have this do it hasn't called yet. >> maybe it could be a retail announcement that they have. maybe it will be a fall, streaming, or games. a lot of people are expecting that will show off their new building. >> i think it will be a new hoodie. >> let us talk about a loser bridge piers is leading the x factor after one season. she met a lot of money after one season. >> if she did you hear what is it? >> no. >> she said i quick y'all. >> to the new paula abdul is she? beating she is working on an album with will iam. >> $15 million per season. i quick y'all.
the debt ceiling, people are very cautious, they should be. i think this may be a bill d.c. wants to make the person that is on the fencing out and go through the process of buying a home. all i'm suggesting make sure you are prepared and you have the funds in place to do that. >> jamie: understood. thanks so much kyle. >> gregg: chuck hagel is under fire from so many sides as he gets ready for a tough confirmation battle. how much of the criticism is fair? how much is missed? we'll take a closer look with a aaron david miller. >> jamie: we are waiting to hear is lance armstrong prepared to admit to doping. what they are saying about the interviewer with oprah winfrey. >> i try not to let it bother me and keep rolling right on. i know what i know and i know what i did. that is not going to change. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male an
in the congress, and issues including the debt ceiling, immigration, and gun laws. newsmaker is this sunday at 10:00 a.m. and 6:00 p.m. eastern on c-span. now, a discussion about the balance between combating terrorism and national security. lisa monaco, who leads the national security division, talked about prosecuting terrorism cases and coordinating the work of law enforcement and the intelligence community. this is 25 minutes. [applause] >> thank you very much for that generous introduction. i am going to have to focus on the chinese proverb. it is not one that i had seen before. good morning, everyone, and thank you for coming out this morning. i want to thank the standing committee and the work she always does to put these events on and, of course, jim. and all of you and coming out this morning. i'm going to spend a few moments this morning talking about the role of the national security lawyer and the unique position the division occupies in that regard. and also about some of the emerging issues we are facing and we are focusing on in the national security division. we will have a few mi
. and talking about these issues and many others when he has the conversations. >> the debt ceiling, you said you're not going to negotiate. republicans are saying they have to cut. how are we not heading for a washington-created cliff of some sort? >> well, here are the facts. we have to rise the debt ceiling. they said it's inconceivable we would default, and that's one issue. and that is an issue that is congress' responsibility and they need to fulfill that responsibility and make sure that the united states of america as it has throughout the existence ens raise the bills. we continue to have challenges embodied in one instance by the sequester that we need to resolve in concert with congress. and the need to do that presents an opportunity to in a balanced way achieve further significant deficit reduction. the president, as you know, twice now has pursued a big deal with speaker boehner that in its totality would have achieved over $4 trillion in deficit reduction over a decade. because of the nature of those negotiations, and the inability of the speaker to in the end reach a comprise
with immigration, it has to deal with what one hopes gun issues, with the debt ceiling, they are their band is not broad enough for them to undertake another major examination of something where they will say, hey we just did that. let's see how it plays out. you also don't have a consensus right now. truth be told, i don't think the votes are there to revisit these issues. you have a republican block that wouldn't go for anything stronger and a lot of democrats that wouldn't be there. i don't think we will get new legislation. we may get rule making but another legislative effort i don't think that will happen. >> the think about the sec, something that has come out recentlied, the sec has asked for corporations to release how -- what their political activities are. >> it's funny, i have been calling on shareholders to make the same demand of corporations for many years. one of the things, in the last moment here, i think ownership trumps regulation. we own these through our pension funds, the endowments universally have shares, mutual funds which we invest
and the mini cliffs that we're going to encounter. the debt ceiling cliff, the southwe sequestration cliff and the budget battle. does it stand in the way of what could be happening in the country? >> it stands in the way in two ways. if you're a company that does business with the defense department, if you're watching this sequestration madness. our the debt ceiling madness, are you going to be hiring new people? are you going to be expanding production? no, you're going to be wondering, is the defense department budget cut by 20%, 10%? so there is that -- >> you will hesitate to make certain business decisions, particularly hiring decisions? >> exactly. republicans often talk about how uncertainty makes businesses not expand production. well this is the biggest uncertainty is the craziness over the debt ceiling. and the second biggest is on the sequestration. there's that piece of it. but there's the broader piece that you and i have talked about. which is we need to do more than just have a cyclical upturn. what you were describing very elegantly. exactly right, is that there's a cycli
year. fiscal cliff, the sandy aid, debt ceiling, a lot of issues we need him in the saddle, focused in the job, not focused as mayor of the city of newark. >> you always get these blowing, rave, wonderful articles. "the new york times," not nice at all, they say are you a better marketer than mayor. is it hurtful? >> probably one of the more frustrating articles of my career. they glossed over what we have done, since instituting court reform, prisoner entry reform, doubled the amount of affordable housing to dealing with veterans issues. a frustrating article. but as you said, sometimes you won't get flowing press. the press sometimes likes to build you up and take you down. >> what? what? >> my mom says i hope this is a lesson you should not read all of the good things about yourself. >> your mother would love my mother. chuck hagel? >> i think he has to focus, the president, on defending the nation. give him a lot of latitude. >> do you worry about the jewish lobby. he didn't say the israel lobby. the jewish lobby. talking about a diplomat being aggressively gay, iran and sanctio
the continuing resolution to continue to fund government. we'll be talking about lifting the debt ceiling a number about issues that the administration has to deal with immediately now on questions of spending and size and scope of government that will coincide with these confirmation hearings. there is no question in my mind that republicans are going to focus heavily on those issues with jack lew who has experienced at the office of management and budget before he became chief of staff to the president and wants to be elevated to treasury secretary. that will be the focus. i think they will try to frame him as really the face of the administration's handling of debt and deficits over the first term. bill: simple question in this too, what would you cut? where are your spending cuts? >> yeah. bill: put them on the table. how would you balance the budget? how would you get control of out of control debt? >> exactly. in particular, entitlement spending. we haven't had a proposal from the president, when timothy geithner who would be jack lew's predecessor if in fact confirmed was asked, wh
standoff. writing for the columbia law review, the authors write that in the debt ceiling deal context and given the balance of the practical stand prudential considerations, the least constitutional choice would be for the president to continue to issue debt in the amounts authorized by the duly enacted budget of the united states. translation? go over the head of congress and raise the debt creeiling from t oval office, because it is an esoteric concern that has street level consequences burk i scons remains a matter of interpretation. think george w. bush, post 9/11 and bolt ststered by a fierce t of lawyers who e helped usher in the greatest debt in decades. and now it is not war powers or extraordinary rendition or interrogation techniques, but it is about the 14th amendment, because it prevents any questioning of the validity of the public debt of the united states so many say that debt, itself, is unconstitutional, because it gets in the way of the federal government honoring the basic financial commitments. the president may be constitutionally obligated to ignore this debt cei
for sanity. the greater issue is what is missing from that deal and the many cliffs we'll encounter, the debt ceiling cliff, the skwesation cliff, and then the budget battle. does this stand in the way of the stuff you and i talk about could be happening in our country? >> in two senses. you're a business, imagine a company that does business with the defense department. this is a huge part of our economy. >> sure. >> if you're watching this sequestration madness or the debt ceiling madness, are you going to be hiring new people? are you going to be expanding production? no. you're going to be wondering to yourself is the defense department budget going to be cut by 20%, 10%? >> you will hesitate to make certain business decisions particularly hiring. >> exactly. and republicans often talk about how uncertainty makes businesses not expand production. >> right. >> this is the biggest uncertainty, is the craziness over the debt ceiling and the second biggest is the sequestration. there's that piece of it. there's the broader piece, which is we need to do more than just have a cyclical upturn. w
, a number of issues going on, gun control, the debt ceiling debate, immigration reform, another issue. you've been very outspoken on it. it will come up in the next few months hopefully. the way you talk about immigration, mr. mayor, the whole debate about immigration reform is on the scales of what kind of burden does immigration pose to the country, how do we manage the burden. you said, it's not a burden. a jolt to our economy. >> most knowledgeable people would agree immigrants create jobs here. immigrants are a thousand times more likely to have a business, don't take away jobs, create jobs. seasonal workers take jobs from nobody and do things americans won't do and create jobs down the road. the economic benefits of having immigrants around the world, the countries starting to eat our lunch doing it because they want immigrants and we are trying to keep them out. the issue where it gets controversial, family reunification, you're here an want to bring your family over. the family reunification people are trying to hold the economic immigration changes hostage until they get some of t
statement. he will also elaborate on the upcoming fiscal deadlines like that debt ceiling. >>> a special public hearing is scheduled tonight in san mateo on the fate of a new 7-eleven store. the store opened weeks ago in a vacant building. neighbors were upset when a special permit was grand changing the zoning from residential to business. the city planning commission has recommended the store be shut down. city council will vote tonight at 6:00. >>> a pizza chain has settled a complaint with san francisco that it did not follow the city's healthcare law. the chicago pizza shop will spend $320,000 some of that about $200,000 going to current and former employees who were eligible for healthcare benefits but did not get any. a city investigation discovered the chain charged customers a surcharge without using the money for healthcare as required. >>> over time taking a bite out of the muni budget in san francisco. 22 of the biggest overtime earners in the city last year were actually muni employees. they racked up a total of $18 million in overtime.
blocking hagel that's time they lose as far as the debt ceiling gun control or immigration. it's smart by the white house to draw the republicans in, and while the republicans are focusing on one issue it's like whack a mole you address something else. >> john: what are the odds they do anything about climate change? >> we haven't seen--again maybe we'll see a different approach in the second term, but having said that there is nothing from obama's past that shows he wants to go out and do these controversial things. carbon tax anything dealing with the environment, climate change, i would be surprised. if he's going to cause the freak out with the executive order of gun control, that takes up so much oxygen, and you can only have so many of those freaks outs, and he can't do it seven or eight times. >> john: i think america has seen enough g.o.p. freak outs. >> they want to do something about climate change, but it's only when the economy is humming well when we ask companies to cut down on emissions. but right now there is no room to maneuver on this at all. >> john: getting the cab
significant spending cuts in exchange for any agreement to raise the debt ceiling. in a statement, senate minority leader mitch mcconnell says the debted limit is the time to get on reducing spending. gun control is also an issue. >> responsible gun owners, people who have a gun for protection, for hunting, for sportsmanship, uhm, they don't have anything to worry about. >> reporter: the national rifle association has already made clear, it has enough support in congress to block legislation that restricts gun ownership. >> i would say that the likelihood is that they are not going to be able to get an assault weapons ban through this congress. >> reporter: moderate lawmakers say there is a better chance of passing laws that limit the number of bullets in ammunition magazines and improve background checks. vice president joe biden is meeting with house members today about gun control. the president said he would give details from the gun violence task force sometime later this week. at the white house, danielle nottingham, cbs 5. >>> the 16-year-old who
on issues of the european debt ceiling so he does have that breadth, as well. just a slightly different background and more budget focused background. >> christine romans with the latest. >>> another big talker at the white house is the national debate over guns. it is front and center from the white house to the governor's mansions. vice president biden meeting with victim's advocacy groups. he leads the panel to reduce gun violence. new york governor is expected to propose new gun regulations in his state of the state address in the next hour. and we will have a chat with piers morgan who has found himself under fire in the debate. joe biden says he is listening to all sides in the debate. >> i want to make it clear that we are not going to get caught up in the notion unless we can do everything we are going to do nothing. it is critically important we act. and there are certain things i know a great deal about almost all of the organizations. i have read what you have published and spoken to. and there is a pretty wide consensus on three or four or five things in the gun safety area
just days before the debt ceiling limit. not every politician is as gifted speaker but hit kim cooper fumbled his state of the state address yesterday. >> working together we can punch holes -- if jesus. [laughter] it is the crescendo working together, we can punch some pretty vague goals in the darkness. god bless colorado. lori: a great sense of colorado. he got a great laugh. and not just the old boys' club with a critical article with this picture the president meeting with 10 mail advisers but the white house put it this bichir the next day president obama with three female advisers. if you are still outraged now it is president obama with three advisers female and three advisers mail trying to call for more diversity. if you are an adrenaline junkie not afraid of snakes before the fish and wildlife conservation commission kicks off the python challenge tomorrow for anyone who wants to hunt down the burmese python as an effort to rid the state of 150,000 non native price since one negative pythons there is every board to $1,000 suit ketches the longest and 1500 to whoever kills t
tries to figure out what to do on the issue of spending and the national debt. we want to get your comments on a proposal put forth by senate democrats to bypass congress, allowing the president to raise the debt ceiling. it also removes the debate on section four of the 14th amendment. we will focus on all of this this sunday morning. it was a call. numbers at the bottom of your screen. we also want you to join us online on twitter and facebook or send us an e-mail. we will get your calls and comments in just a moment. our question, whether or not they residents can -- president can't bypass congress to raise the debt ceiling. she is preparing for his inaugural address. the president will seek a citizenship pass in a push as the debate over immigration continues here in washington and around the country. another headline getting a lot of attention is that the vice president continues his recommendations on how to deal with gun violence. tuesday he will give the president has outlined. p--- his outline. ,et's go to the hill newspaper which has one of a number of stories on this sun
is not -- [talking over each other] [talking over each other] >> remember that timothy geithner said that the debt ceiling was january 31. just trying to mesh that with the fiscal cliff. and the republicans said no, separate issue. it is also a separate issue from the sequester. and what the republicans have said and what they told the president to a year and a half ago. the president lost, but likins won on the question of if we wanted to raise the debt ceiling because obama is overspending. you have to cut spending dollar for dollar by the same amount. speaker boehner has reiterated that that is enough. so has mitch mcconnell. the president of united states can stand up and say that i lied to you and i said i wanted to reduce running. i like you, and i said i was going to offer government reforms. but if he does that, i think he isn't is in a very weak position and democrats are killing themselves if they think that the american people want to continue overspending. and the debt that obama is running out. we can give the president a month of debt ceiling increase or six months or year. then you
to get rid of reoccurring debt ceiling votes. and on the issue of obama's white guy problem cybercity says yes bill. pote us has a gender and diversity problem. women are better negotiators. rhonda says always good to get up in san francisco to see the sexy ass michael tomasky on the tube. bill, have him on more often. >> bill: oh, my god. >> hey, ladies. >> why are we so surprised here? >> bill, you get this sometimes. >> bill: i was expecting her to say always nice to get up early in san francisco to see the sexy ass bill press. >> sexy ass michael tomasky. >> bill: she meant to say both. >> i'm not so sure. >> bill: now you know why we have you in. while we have your fan club here, can we say hello to beverly in chicago. >> caller: how you doing? >> bill: okay. >> caller: this is straight to mr. press. i was listening to joe scarborough yesterday morning for the first 30 minutes. >> bill: big mistake. >> caller: rambling on about the president having all white boys in his cabinet and no women. now i understand why he is saying it because all he's trying to do is get some -- [ bleep
to increase the debt ceiling unilaterally, and another option that is floated is to essentially mint a platinum coin worth a trillion dollars. this is a idea that dates back to a 1997 appropriations bill that deals with the issue. the white house saying they do not believe that this gives nem the authority to mint a trillion dollars coin. they feel they need to go through congress to get the debt increased. there's question how it will take effect. president obama said he is not going negotiate with congress. so it raises the question, if he is not going negotiate congress, how are they going to get it done? congress is digging in and house republicans saying they are not going to aagree to an increase in the debt limit unless it's equalled by dollar for dollar spending cuts and depositions saying they are not signing off on that, they believe it will take a huge bite out of sbeel s entitlements and that is all coming as the noungsment of a appointment of a new head of treasury, secretary of the treasury, former chief of staff, jack lew, some say he is a big spend democrat, they fee
safety and the looming debt ceiling debate. but there really is more on his plate, including immigration reform and student loans and possible supreme court vacancies. how do we expect president obama to handle these very large matters and what are his priorities going to be in his second term agenda? kelly has been writing about this welcome inside "the war room." >> happy new year. >> jennifer: happy new year to you, too. always delightful to have you. you've been working on the issue of the second term and what is looming. kelly, today the conservative chamber of commerce said immigration reform is one of their top priorities. don't you think that's a huge gift to president obama's hopes to achieve immigration reform in this new congress? >> you know what is the biggest gift to president obama for immigration reform, the election. the election. because i'm sorry, when i heard that sean hannity was open to immigration reform, i wasn't sure if i was on that episode of "seinfeld" where everything was in bizarro world. we've crossed over into a new america. immigration reform is no long a
shutdown. other is the debt ceiling. let me ask you again, would you be willing to shut the government down? >> we are going to look at all of these options. you know, there is the option of government shutdown. there is an option of raising the debt ceiling in short-term increments. >> would you be wailing to do that? >> i don't know. i just know that that's one of the things that is being floated, as you've seen in some of the articles. is raising it in short-term inyes increments. there's also the olympiplan of cuts of every $1 of debt limit increase. there are a lot of plans out there. the healthy thing is this. we are having a good discussion on it and the american people are very engaged in it. when i'm out in my district like i was last week and talking to my constituents, they will tell you, they are just -- they're over pay for programs they don't want, programs that have outlived their usefulness with money that we do not have. >> but with are they willing to see the government shut down? are you hearing that, congresswoman? >> yes, they are. yes, they are. but they want us to be
way of getting around the debt ceiling. what do you think of that? >> i think the whole thing is the race to the bottom of ridiculous new plans. to be fair, the trillion dollar coin has taken it. nothing is going to be sillier than that. >> platinum. platinum. but have you ever seen those nature shows where the birds hop around around fluff up their feathers to intimidate a rival or aattract a mate? i hope and believe that is what the president and congress are doing right now. trying to be bigger and bigger and more threatening. in the end they're going to make a deal. they always make a deal. >> keith boynkin, this is argentina type stuff. this is banana republic type stuff. democrats don't want to cut spending. they're trying to come up with phony arguments. only boehner wants the one for one. this law professor has got this i.o.u. it did work for a spell in california. but he says that the congress has the constitutional authority to raise the debt. what is going on here? and -- >> do you think it's a good idea, larry, for the united states government not to pay its debt?
was in it. >> very difficult. >> the debt ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether the insurer transferred its rights to sue for losses that it incurred on its troubled bonds when it sold $2 billion in securities to the fed in 20308. aig is preserving its right to sue the federal government and other debts. >> fed chairman ben bernanke is going to speak and answer questions at the university of michigan. in d.c., president obama is said to be forging ahead on a wide ranging plan to overhaul the immigration plan this year. this includes a path to citizenship for illegal immigrants already in the country. immigrants would have to pay fines and back taxes. it would require bu
representative of california. issues include the debt ceiling debate, immigration, and gun laws. "newsmakers" on sunday at 10 a.m. and 6 p.m. eastern on c- span. >> student cam video entries to the president are now due. get them in by friday. the grand prize is $5,000. total prices is the $2000. >> now an american bar association about the balance between combating terrorism and national security law. assistant attorney general lisa mine october leads the national security -- lisa monaco leads the national security. this is 25 minutes. [applause] >> thank you very much for that generous introduction. i am going to have to focus on the chinese proverb. it is not one that i had seen before. good morning, everyone, and thank you for coming out this morning. i want to thank the standing committee and the work she always does to put these events on and, of course, jim. and all of you and coming out this morning. i'm going to spend a few moments this morning talking about the role of the national security lawyer and the unique position the division occupies in that regard. and also about some of
, the president expected shortly. he will be talking about the debt ceiling. that is the $16.7 billion ceiling we will hit up against in congress. also, possibly touching on topics like gun violence and other issues that are on the president's agenda. >> ladies and gentlemen, the president of the united states. >> please have a seat. good morning. i thought it might make sense to take some questions this week as my first term comes to an end. it has been a busy and productive for years. i expect the same thing from the next four years, and i intend to carry out the agenda i campaigned on. new security for the middle class. right now our economy is growing and our businesses are creating new jobs. we are poised for a good year. if we make smart decisions in sound investments, and as long as washington politics did not get in the way of america's progress. as a set on the campaign, one component to growing our economy and broadening opportunity for the middle class is shrinking our deficit and a balanced and responsible way. for nearly two years now i have been fighting for such a plan, one that wo
the debt ceiling off the table. we have other power to use. let's get rid of that issue right now. that would be great for the economy because there would be some certainty that we're not going down this crazy -- >> i think if mcconnell had said that this morning, the markets would have gone up 200 points. >> newt gingrich and i probably disagree radically on what needs to be done, because i think we need more revenue than we got in this deal. but the other thing is we forget how much we have already done. there has been one deal after another after another that has cut spending very significantly. and that's why to say it's now only about spending and no more revenue on the table is just a big mistake. we have cut a lot. >> you would get broad widespread agreement if the revenue argument was, as simpson-bowles have suggested, a vast simplification of the tax code. this latest deal complicated the tax code. continued corporate welfare. simplify the tax code. close the hoop holes, lower the rates, you would get broad agreement. unfortunately, that has never been part of the deal. >
, we deterred from the president addressing the debt ceiling, here is more on the issue from this morning's "washington journal." host: did this through the new report, we're joined by the economic policy project senior director, steve bell. director, explain this term that you use. what is the x date? guest: we called the drop dead date. that is the day all these extraordinary measures expires. that means the treasury will not have enough money to pay the next bill that comes then in full and on time. host: you try to figure when that date will hit. this is a chart from the debate, when the x date could hit. why is it a range? guest: we do not know what will happen to tax refunds. there could be some delays in getting tax refunds out. people who file their tax returns and expect to get a refund. if those refunds are delayed, will be near the end of that. host: take us back to explain how we're juggling these numbers around. we hit the debt limit on december 31st. how was treasury paying the bills? guest: they are using money called extraordinary measures. they borrow money f
are not debts to which the debt ceiling applies. and the idea is to recognize if we don't have enough money to pay those day-to-day obligations that the federal government should issue ious to people. it would say we're very sorry, yes, we owe you money, can't pay you now, when we can, we will. and then the fun part of the idea is that instead of the treasury trying to raise money through a back door mechanism like the platinum coin people would take these ious and tell them at a small discount, and that gets cash to most people's hands and at the same time it is less of a constitutional front to the congress. >> jennifer: so the notion would be that the -- so everybody who is a contractor with the government who is owed some money would be given some kind of paper. they could take that paper to the bank, and the bank would somehow buy it on the assumption that the bank believes that this will be resolved at some point because of the history of the united states. so the question is ed this sort of hand -- this did happen in california. when people compare california i
of the debt ceiling sight, this is going to be ugly. >> i think tax reform ought to be revenue neutral as it was during the reagan years. we've resolved this issue. we don't have that problem because we tax too little. we have it because we spend way, way too much. so we've settled the tax issue. the question is now can we address the single biggest threat to america's future? and that's our excessive spending. >> we're talking about looking at the tax code, putting everything on the table from the standpoint of closing loopholes and we know we can do that. >> we will talk more about the budget battle at 7:30 eastern time with former governor ed rendell. but, obviously, the two sides are far apart at this point. in our d.c. news today, president obama is expected to nominate former republican senator chuck hagel as defense secretary. republicans call him a controversial in your face pick. he criticized the iraq troops that opposed unilateral sanctions as iran and he once said that being gay impended effectiveness. there have been people on both sides of the aisle who have been mad abou
brought up the emancipation proclamation and he compared the debt ceiling to that. are you considering a plan-b? and if not, why not? >> well, chuck, the issue here is whether or not america pays its bills. we are not a deadbeat nation and -- there is a very simple solution to this. congress authorizes us to pay our bills. the house and the senate want to give mean the authority so they don't have to take these tough votes, if they want to put the responsibility on me to raise the debt ceil, i'm happy to take it. mitch mcconnell, the republican leader in the senate, had a proposal like that hast year, but in they want to keep -- keep this responsibility -- there are no magickic interests here. there are no loopholes. there are no, you know, easy outs. this is a matter of congress, authorizes spending. they order me to spend -- you need to send out social security checks. you need to make sure that you are paying to care for our veterans. they lay all of this out for me. and because they have the spending power so i'm required to go ahead and pay these bills. >> separately, they also h
's debt ceiling. that's going to be a huge debate. >> yeah. >> and lew if confirmed will have a major role in that. >> yeah. and i agree with gloria. i don't think there's going to be a big confirmation battle. you have to really not like the treasury secretary to not confirm him. here's the thing, compare it to four years ago when tim geithner came in. geithner had been in the room prior to becoming treasury secretary when he was head of the new york federal reserve. they made the decision to let lehman brothers fail. he walked into a banking and a central bank global financial crisis, and he was a guy who had no learning curve. same thing here. we don't have a banking crisis, we don't have a central banking and financial crisis. we've got a budget crisis in washington. jack lew is steeped in the budget. he takes over from tim geithner right in the middle of this debt ceiling debate which will be followed immediately by the sequestration, the broad spending cuts debate. and then the fact that the u.s. has not had a federal budget since 2009. the so-called continuing resolutions which mean
and deposit it to the federal reserve to step aside of a fight with the debt ceiling and and after the treasury department issued a statement saying that quote, neither the treasury department nor the federal reserve believes the law can or should be used to facilitate the production of platinum coins to avoid the increase in the debt limit. and finally a quick personal update, i'll be in baltimore on wednesday to talk about my book "twilight of the elites." a chapter about the steroids era in baseball and i'll be at pratt library. >>> and you should know aaron schwartz has died of suicide at age 26. his body was found in his apartment on friday. aaron was one of those naturally brilliant precocious hackers who at the age of 14 codeveloped the syndication of rss web protocol and is a key component of the we be's infrastructure. he founded a company to merge with a user generated social site which is one of the most highly trafficked. reviewed doz. he wrote beautifully and prolifically. he worked with progressive change committee and founded demand progress to keep the internet open
more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. the issue here is whether or not america pays it's bills. we are not a debt-deep nation. >> cenk: i like it. now normally i say it should have been stronger, but it was pretty strong and he made his point very good. it continues. >> obama: this is not an implicatedcomplicateed subject. you don't go out to dinner, eat all your want, and then leave without paying the check. if you do, you're breaking the law. and congress should think about it the same way that the american people do. >> cenk: i like it, man. i do. that's exactly right analogy. you know, of course, i'd go further, but i would every time, right? i'd say listen, the republicans spent this money. they spent it in tax cuts for billionaires and millionaires, they spent it in the iraq war afghanistan, the great majority of this money was spent by george w. bush. now i'm going to make them pay the bill. i would turn it around on them. that's good. very strong language
in this situation, talking about the debt ceiling and spending cuts. that was exactly the issue that caused the downgrading of the united states of america. that is at issue. the very same things that provoked that downgrade are on the table right now. and so it's hard for investors to forget the reaction to markets that we saw. it may not happen, but it does hearken back to that period. >> right. it's funny, there are a lot of questions still in terms of spending cuts. you have no idea how it spreads across the economy, whether you are a professor at a university expecting a $4 million grant from nasa for physics research. i have spoken to one of these people. and not sure whether you're going to get it. to, of course, the enormous expenditures to defense, that are still out there and question marks. granted, we do have a little more structure to the tax policy in this country for now, but we may be entering a debate of further tax reform dealing with deductions and the like and the spending cuts that many believe are also key to putting us on firm fiscal footing. >> right. >> earnings at
saying not just yet. >>> another economic threat the debt ceiling law americas have to figure out how to curve spending and bring in more residents. what's the solution? listen to this? nancy pelosi is saying another round of tax increases is an option. >> do you agree with the republican leading the senate mr. mcconnell who said we are done with the taxing side of it now we have to cons tate on spending? is that done now? the revenue side of it taken care of yet? >> no, it is not. the president had 6 million in revenue he took 1.2 in this revenue we had $620 billion significant high end tax rate to 39.6 percent but that is not enough on the revenue side. we have already agreed to a trillion dollars in spending cuts over a trillion dollars in spending cuts. are you talking about more taxes? >> talking about looking at the tax code putting everything from the table from the standpoint of closing loopholes and know we can do that. subsidies for big oil 38 billion right there. again not to take things in isolation just to say okay, how much more revenue can we get as we go forward? >> mi
on the debt ceiling for weeks, and now the fox news misinformation machine in high gear, hitting the platinum coin issue. neil cavuto put up this misleading graphic during his show on thursday. it claimed the coin would weigh 17,000 tons, about the weight of 89 blue whales and be the size of a nuclear submarine? well, the graphic is all wrong. the coin can be any size and be given any denomination. this is just the latest example of republican misinformation on the debt ceiling. mitch mcconnell was wrong when he claimed president obama wanted to raise the debt ceiling so he could spend more money. john cornyn was wrong when he said shutting down the government over the debt ceiling would be good for the country. and now neil cavuto's graphic is joining the club in the fraternal order. it's important to remember any information from republicans on the debt ceiling must be taken with a serious grain of salt. tonight in our survey, i asked you, will the obama administration get gun legislation passed? 84% of you say yes. 16% of you say no. >>> coming up, big hits in the national football league
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